Panoro Energy ASA

PANORO ENERGY ANNOUNCES COMPLETION OF WELL OPERATIONS ON AJE FIELD, NIGERIA

Monday, 16 November 2015 - Panoro Energy ASA (OSE ticker code: "PEN" - "the

Company" or "Panoro"), the independent E&P company with assets in Nigeria and

Gabon, is pleased to announce the completion of well operations on the Aje field

on the OML 113 license offshore Nigeria.

The Aje-4 well, which was previously drilled in 2008, has been successfully

completed as an oil production well. This follows the previously reported

successful completion of the Aje-5 production well. Both wells have been

perforated in the Cenomanian oil bearing zones with positive indications of well

productivity based on the short flow-backs carried out during the completion

programs. Subsea trees have been installed on both wells, and the wells are now

suspended ready for connection to the oil production facilities, prior to

commencement of production. The Saipem Scarabeo 3 is currently being

demobilized. No safety related incidents have been reported.

Based on the well results and updated perforation modelling, management is

confident that it should meet its indicated daily production guidance.

John Hamilton, Panoro Energy CEO, commented, "We are very pleased to have now

successfully concluded the well operations phase of the Aje Cenomanian oil

development and are encouraged with the reported well results. We have achieved

a major milestone to de-risk the project and are looking forward to starting

commercial production towards the end of January 2016, following which we can

begin generating positive cash flow".

For further information about this press release, please contact:

John Hamilton, Chief Executive Officer

Tel: +44 0203 405 1061

About Panoro

Panoro Energy ASA is an independent E&P company based in London and listed on

the Oslo Stock Exchange with ticker PEN. The Company holds high quality

exploration and development assets in West Africa, namely the Dussafu License

offshore southern Gabon, and OML 113 offshore western Nigeria. Both assets have

discoveries with approved Field Development Plans. In addition to discovered

hydrocarbon resources and reserves, both assets also hold significant

exploration potential. For more information visit the Company's website

at www.panoroenergy.com.

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